Bright Futures Wealth Management LLC. Acquires New Stake in McKesson Co. (NYSE:MCK)

Bright Futures Wealth Management LLC. purchased a new stake in shares of McKesson Co. (NYSE:MCK) in the first quarter, HoldingsChannel reports. The institutional investor purchased 704 shares of the company’s stock, valued at approximately $418,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. First Western Trust Bank increased its stake in McKesson by 2.0% in the 1st quarter. First Western Trust Bank now owns 913 shares of the company’s stock worth $490,000 after purchasing an additional 18 shares in the last quarter. Lindbrook Capital LLC raised its stake in McKesson by 1.7% during the 1st quarter. Lindbrook Capital LLC now owns 1,133 shares of the company’s stock valued at $608,000 after purchasing an additional 19 shares during the period. KCM Investment Advisors LLC boosted its position in shares of McKesson by 1.4% in the first quarter. KCM Investment Advisors LLC now owns 1,355 shares of the company’s stock worth $727,000 after buying an additional 19 shares during the period. TCI Wealth Advisors Inc. raised its position in McKesson by 1.3% during the first quarter. TCI Wealth Advisors Inc. now owns 1,531 shares of the company’s stock valued at $822,000 after buying an additional 19 shares during the period. Finally, Douglass Winthrop Advisors LLC lifted its stake in McKesson by 1.4% in the 4th quarter. Douglass Winthrop Advisors LLC now owns 1,512 shares of the company’s stock worth $700,000 after acquiring an additional 21 shares in the last quarter. Institutional investors own 85.07% of the company’s stock.

McKesson Price Performance

Shares of McKesson stock traded up $1.29 during midday trading on Friday, hitting $630.38. The company had a trading volume of 881,722 shares, compared to its average volume of 666,040. The stock has a market cap of $81.91 billion, a PE ratio of 28.17, a P/E/G ratio of 1.46 and a beta of 0.45. McKesson Co. has a 1-year low of $404.72 and a 1-year high of $637.51. The business’s 50 day simple moving average is $588.74 and its two-hundred day simple moving average is $547.10.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $6.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.34 by ($0.16). McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. The company had revenue of $76.36 billion for the quarter, compared to the consensus estimate of $79.32 billion. During the same quarter in the previous year, the firm posted $7.19 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, sell-side analysts expect that McKesson Co. will post 31.68 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 2nd will be given a $0.71 dividend. This is a boost from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 annualized dividend and a yield of 0.45%. The ex-dividend date of this dividend is Friday, August 30th. McKesson’s dividend payout ratio (DPR) is 11.08%.

Insider Buying and Selling at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $574.41, for a total value of $2,155,760.73. Following the sale, the chief executive officer now directly owns 89,845 shares in the company, valued at $51,607,866.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other McKesson news, Director Susan R. Salka sold 606 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $558.04, for a total transaction of $338,172.24. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $574.41, for a total transaction of $2,155,760.73. Following the completion of the transaction, the chief executive officer now directly owns 89,845 shares of the company’s stock, valued at $51,607,866.45. The disclosure for this sale can be found here. Insiders have sold 29,567 shares of company stock valued at $16,691,841 in the last 90 days. 0.11% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MCK. Deutsche Bank Aktiengesellschaft reduced their price target on shares of McKesson from $547.00 to $545.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. Wells Fargo & Company boosted their price target on shares of McKesson from $502.00 to $551.00 and gave the company an “equal weight” rating in a report on Thursday, May 9th. Bank of America lifted their price objective on McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a research report on Tuesday, June 25th. UBS Group upped their target price on McKesson from $620.00 to $630.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Finally, TD Cowen lifted their target price on shares of McKesson from $563.00 to $652.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $599.33.

McKesson Company Profile

McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions, and International. The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs, and other healthcare-related products.